Town Centre Securities ‘cautious’ as profits slip
TOWN Centre Securities will continue to adopt a “cautious view” of the property market, according to its chief executive.
The Leeds-based group owns the Urban Exchange retail outlet on the edge of Manchester city centre.
Edward Ziff, chairman and chief executive, said: “Overall Town Centre Securities is in good operational and financial condition. We have a number of exciting opportunities within our portfolio but we continue to take a cautious view of the market.
“Our strategy to invest in property in core cities protects us from the worst of the market downturn but we anticipate that pressures on rental income will remain for the foreseeable future.
“I am particularly excited about the opportunities we have to improve the Merrion Centre, the Merrion Way frontage, and offices occupied by Leeds City Council.”
Mr Ziff was commenting as the company reported an underlying profit before tax of £7.3m for the year ended June 30, down from £8.2m the previous year.
Net asset value per share dropped by 18p to 270p and TCS has proposed a final unchanged dividend of 7.34p. After a revaluation deficit of £11.4m, the group reported a statutory loss before tax of £4.2m.
